Novartis AG (NYSE:NVS) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its stake in Novartis AG (NYSE:NVS) by 0.5% during the third quarter, HoldingsChannel.com reports. The fund owned 2,469,568 shares of the company’s stock after selling 11,997 shares during the period. Principal Financial Group Inc.’s holdings in Novartis were worth $284,050,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. New Millennium Group LLC acquired a new stake in Novartis during the 2nd quarter worth about $28,000. Clearstead Trust LLC lifted its position in shares of Novartis by 73.5% in the 1st quarter. Clearstead Trust LLC now owns 269 shares of the company’s stock valued at $26,000 after acquiring an additional 114 shares in the last quarter. Lynx Investment Advisory acquired a new position in Novartis in the 2nd quarter worth approximately $29,000. Industrial Alliance Investment Management Inc. purchased a new position in Novartis during the 2nd quarter worth approximately $30,000. Finally, Richardson Financial Services Inc. purchased a new position in Novartis during the 2nd quarter worth approximately $30,000. 13.12% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $121.00 target price (up previously from $119.00) on shares of Novartis in a research report on Thursday, September 5th. Jefferies Financial Group cut Novartis from a “buy” rating to a “hold” rating in a research note on Tuesday, September 3rd. BMO Capital Markets increased their price target on shares of Novartis from $118.00 to $120.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 30th. Bank of America downgraded shares of Novartis from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $135.00 to $130.00 in a research report on Wednesday, September 11th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of Novartis in a research report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $121.50.

Novartis Trading Up 0.3 %

NYSE:NVS opened at $107.08 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.90 and a current ratio of 1.11. The company has a market capitalization of $218.87 billion, a P/E ratio of 12.44, a P/E/G ratio of 1.61 and a beta of 0.58. The stock’s 50 day moving average price is $115.11 and its 200 day moving average price is $109.55. Novartis AG has a 52 week low of $92.35 and a 52 week high of $120.92.

Novartis (NYSE:NVS) last released its quarterly earnings results on Tuesday, October 29th. The company reported $2.06 earnings per share for the quarter, beating analysts’ consensus estimates of $1.94 by $0.12. The business had revenue of $12.82 billion for the quarter, compared to the consensus estimate of $12.62 billion. Novartis had a net margin of 35.96% and a return on equity of 34.80%. During the same quarter last year, the firm earned $1.74 EPS. On average, research analysts forecast that Novartis AG will post 7.56 EPS for the current fiscal year.

Novartis Profile

Novartis AG engages in the research, development, manufacture, and marketing of healthcare products in Switzerland and internationally. The company offers prescription medicines for patients and physicians. It focuses on therapeutic areas, such as cardiovascular, renal and metabolic, immunology, neuroscience, and oncology, as well as ophthalmology and hematology.